Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : ITAT Bangalore held that profit cannot be estimated arbitrarily when regular books of account are maintained and not rejected unde...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : ITAT Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers' hands cannot b...
Income Tax : Calcutta HC dismissed the Revenue's appeal after the remand report confirmed the disputed receipt was sale proceeds of investments...
Income Tax : ITAT Delhi held Section 68 cannot apply to sale proceeds of disclosed investments already recorded in books. Revenue's appeals wer...
Income Tax : ITAT Delhi held Section 68 inapplicable where shares were disclosed in an earlier year and sale proceeds were already offered as i...
Income Tax : ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping an...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
In the case of Wellman Logistics Pvt. Ltd Vs ACIT, ITAT Kolkata deletes income tax addition u/s 68, proving creditworthiness of share subscribers and genuineness of transactions with supported documents.
ITAT Delhi rules against Section 41(1) addition when no cessation of liability occurs, directing cancellation of a demand in the case of Late Sh. Mahender Kumar Mittal vs. ITO.
Detailed analysis of ITAT Mumbai case of Parag Motilal Savla vs ITO, focusing on lack of substantial evidence for cash loan allegations.
Delhi High Courts ruling in PCIT Vs. Pavitra Realcon Pvt. Ltd. highlights that undisclosed income assessment cant be based solely on statements made during a search.
ITAT Delhi rules that the accepted investment source by AO cannot be rectified under Section 154, quashing the income tax assessment order.
ITAT Chennai upholds addition on LTCG arising from purchase and sale of shares due to failure to produce documents. Read the full analysis of the case.
Kolkata ITAT rules in favor of Dream Valley Barter Pvt. Ltd., stating no addition under Section 68 for share premium if taxpayer proves identity and creditworthiness.
Kolkata ITAT justifies addition u/s 68 in ITO Vs Mangalvani Commercial Pvt. Ltd. for unexplained share capital & premium. Detailed analysis of the case provided.
ITAT Chennai rules that recoveries of farmers’ advances reflected in cash books are not unexplained cash credits under Section 68 of the Income Tax Act.
Read the detailed analysis of ITAT Kolkata’s dismissal of Ideal Vyapaar Pvt Ltd appeal under section 68 of the Income Tax Act due to absence of explanation for transactions.
